A Settlement, and a Valedictory
Tom Livingston presented a report as to the agreements reached, which were announced in a release earlier in the day:
Settlement with Empire State Realty Trust
Covers all outstanding fees and penalties
Releases from contractual obligations through 2020
Ready to sign lease for transmitter at 4 Times Square
Lessor will capitalize and amortize cost of new transmitter
Loan from EJC
No payments for the first 18 months
Interest only for next 18 months
Loan Balance due in three years
Audit requirement waived for first 6 months
There was, unsurprisingly, general relief/enthusiasm expressed as to these comprehensive agreements.
Livingston emphasized that these agreements bought time but were by no means a ‘free pass’ for Pacifica, that revitalization and reorganization were of vital importance.
Time, presumably, will tell…
~ ‘indigopirate’
[Exit, Stage Left, pursued by a Wombat, two Land Sharks, and four Ducks]
Full meeting (2 hrs. 51 mins.)
Thank you Indigo for digesting and sharing! Mark
ReplyDeleteThey won't learn. It will be right back to ideological business as usual, and thinking anyone wants to hear their shit programming. I know, it's all about publicizing their programming. Sure...
ReplyDeleteSDL
You're right. None of this matters without change in management and programming. All they really did is add more debt and kick the can down the road which is ok IF they change their ways.
DeleteNow they have time to find some new suckers to manipulate out of money.
DeleteSDL
At the end of the day, Pacifica will have to dispose of some assets to pay off the loan when it matures and full payment is due. There is no reason to believe that Pacifica will be able to accumulate a sufficient reserve from income to pay off the loan. This will probably result in a signal swap involving WBAI.
ReplyDelete